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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.2x - 8.0x | 7.6x |
| Selected Fwd EBITDA Multiple | 4.7x - 5.2x | 4.9x |
| Fair Value | €35.59 - €41.10 | €38.35 |
| Upside | -15.8% - -2.7% | -9.2% |
| Benchmarks | Ticker | Full Ticker |
| PUMA SE | PUM | XTRA:PUM |
| Christian Dior SE | DIO | XTRA:DIO |
| LVMH Moët Hennessy - Louis Vuitton, Société Européenne | MOH | XTRA:MOH |
| Hermès International Société en commandite par actions | HMI | XTRA:HMI |
| Prada S.p.A. | PRP | DB:PRP |
| Hugo Boss AG | BOSS | DB:BOSS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PUM | DIO | MOH | HMI | PRP | BOSS | ||
| XTRA:PUM | XTRA:DIO | XTRA:MOH | XTRA:HMI | DB:PRP | DB:BOSS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.1% | 10.7% | 10.0% | 20.3% | 23.4% | 1.2% | |
| 3Y CAGR | 4.0% | 4.8% | 5.3% | 19.6% | 30.1% | 16.1% | |
| Latest Twelve Months | -9.2% | -12.4% | -11.2% | 8.5% | 17.2% | 2.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.4% | 27.5% | 28.3% | 41.8% | 21.9% | 9.2% | |
| Prior Fiscal Year | 8.7% | 29.2% | 29.3% | 45.0% | 27.3% | 12.3% | |
| Latest Fiscal Year | 8.5% | 26.0% | 26.5% | 43.2% | 27.9% | 11.2% | |
| Latest Twelve Months | 7.6% | 26.0% | 26.5% | 43.2% | 27.9% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.67x | 1.75x | 3.09x | 15.61x | 2.76x | 0.95x | |
| EV / LTM EBITDA | 8.8x | 6.7x | 11.7x | 36.1x | 9.9x | 8.5x | |
| EV / LTM EBIT | 11.5x | 7.7x | 13.4x | 38.0x | 11.7x | 11.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.7x | 9.9x | 36.1x | ||||
| Historical EV / LTM EBITDA | 8.9x | 11.7x | 27.6x | ||||
| Selected EV / LTM EBITDA | 7.2x | 7.6x | 8.0x | ||||
| (x) LTM EBITDA | 481 | 481 | 481 | ||||
| (=) Implied Enterprise Value | 3,484 | 3,667 | 3,850 | ||||
| (-) Non-shareholder Claims * | (1,156) | (1,156) | (1,156) | ||||
| (=) Equity Value | 2,328 | 2,511 | 2,694 | ||||
| (/) Shares Outstanding | 69.0 | 69.0 | 69.0 | ||||
| Implied Value Range | 33.73 | 36.38 | 39.04 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 33.73 | 36.38 | 39.04 | 42.25 | |||
| Upside / (Downside) | -20.2% | -13.9% | -7.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PUM | DIO | MOH | HMI | PRP | BOSS | |
| Enterprise Value | 5,934 | 148,360 | 261,566 | 234,802 | 15,064 | 4,072 | |
| (+) Cash & Short Term Investments | 284 | 13,795 | 13,609 | 11,642 | 1,012 | 107 | |
| (+) Investments & Other | 0 | 2,979 | 2,979 | 1,265 | 38 | 0 | |
| (-) Debt | (2,594) | (41,319) | (41,304) | (2,174) | (2,787) | (1,263) | |
| (-) Other Liabilities | 0 | (42,558) | (1,770) | (7) | (20) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,624 | 81,257 | 235,080 | 245,528 | 13,306 | 2,916 | |
| (/) Shares Outstanding | 147.1 | 180.4 | 499.4 | 104.8 | 2,558.8 | 69.0 | |
| Implied Stock Price | 24.63 | 450.40 | 470.75 | 2,342.00 | 5.20 | 42.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 24.63 | 450.40 | 470.75 | 2,342.00 | 5.20 | 42.25 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |